Stock Shocker: Sanjiv Bhasin Temporarily Banished from Markets for Manipulation
Sebi has barred Sanjiv Bhasin, a former director at IIFL Securities, and 11 others from the securities markets due to share manipulation. They are accused of giving false stock recommendations on media and profiting from opposite trades. Sebi directed them to repay illegal gains of Rs 11.37 crore.
- Country:
- India
The Securities and Exchange Board of India (Sebi) has announced a significant move against Sanjiv Bhasin, a former director at IIFL Securities, along with 11 accomplices, banning them from participating in the securities market. The group is accused of orchestrating a scheme to manipulate stock prices by providing misleading recommendations on various media outlets.
Sebi's investigation uncovered that Bhasin, a notable figure on television and social media, influenced stock market decisions, leveraging his reach for personal gain. Despite recommending stocks publicly, Bhasin executed contrary trades, ostensibly to capitalize on the subsequent price movements. This deceptive approach brought them unlawful profits of Rs 11.37 crore.
The crackdown followed a search operation by Sebi officials, which unveiled incriminating evidence, including chats and recordings. The findings revealed that Bhasin's cousin and other associates played roles in facilitating the fraud, leading to their suspension and mandated restitution.
(With inputs from agencies.)
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